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Trading strategy for April 17, 2001

BSE Sensex: After touching a 27-month low of 3096.51 points, the index recovered nearly 160 points from the low. The immediate resistance exists at around 3265 points and the next resistance should be around 3370 points. The low of 3096 points should be considered as the first minor base.

Wipro: The stock showed one of the sharpest recovery on Monday but reaching the level of Rs 1150, its next major hurdle, will be a difficult task. The level of Rs 815, which is far from the current level, is the first major base.

L&T: The stock has formed a strong hurdle at around Rs 226 above, which the position will improve smartly. The next hurdle lies at around Rs 235. The level of Rs 207 should be considered as first base.

Reliance Petro: With improving sentiment, this counter too showed a recovery but the undertone remains negative. The first major hurdle is at around Rs 49.50. The level of Rs 44.50 should be considered as a minor base.

HDFC: This is the only stock which is close to its all-time high, and appears on a good wicket. Long positions can be taken with a stop loss of Rs 540. It has a minor hurdle around Rs 610.

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